View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
February 28, 2022

Nigerian fintech OPay eyes expansion in North Africa and UAE

Nigerian fintech OPay has announced plans to expand its footprint to more countries across the Middle East and North Africa this year.

Founded in 2018, OPay is mobile money (MMO) and financial technology platform. The firm offers a range financial solution, including offline and online payment options and an AI-based digital wallet service.

OPay checkout, the firm’s online gateway, is said to offer integrated solutions and services designed to help small- and medium-sized businesses (SME) bolster their business.

Its mobile payment service, which has 160 million active users, is said to generate around $3bn in monthly transactions.

OPay, which currently has presence in Pakistan, Egypt, and Nigeria, is now eyeing further expansion into new territories across North Africa and the Arab region, including the UAE.

In addition to geographical expansion, OPay also plans to ramp up its existing suite of financial services.

It also intends to roll out new security standards to keep customer data safe and secure.

In August last year, OPay raised $400m in a funding round led by SoftBank Vision Fund 2.

Following this fundraising, which took its valuation to $2bn, the firm forayed into Egypt to offer its solutions to customers, merchants, and small and medium businesses.

Recent developments in Africa’s fintech space

In November 2021, South African payment gateway Ozow raised $48m in a Series B funding round to bolster alternative payment solutions across the country.

The same month, MFS Africa secured $100m in an equity and debt financing round to further accelerate its expansion effort by adding more talent to its teams in Africa and worldwide.

In last September, China’s UnionPay International partnered with Morocco-headquartered S2M to drive digital financial inclusion across the African continent.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International